Interested in living in the Penn Quarter neighborhood? Well, now is the right time to take the plunge and buy, according to Michele Lerner of UrbanTurf. In this edition of “Rent vs. Buy” Lerner examines Penn Quarter, an area in downtown DC flanked by Chinatown.
The Penn Quarter district is really a special place. Packed with restaurants and bars, as well as entertainment options like museums and theaters, the Penn Quarter community has it all. The Verizon Center, the home to the Washington Wizards, Washington Mystics, Washington Capitals, and Georgetown Hoyas basketball is just blocks away in Chinatown.
Living in a Penn Quarter condominium gives one the opportunity to fulfill the ultimate urban lifestyle. Penn Quarter condo residents have the ability to walk to virtually everywhere they need to go.
“One-bedroom condos typically range from the mid $300,000’s to the low $500,000’s, with condo fees ranging from $300 to $500 per month,” Writes Lerner of Penn Quarter. ”Two-bedroom condos are on the higher end for DC, typically selling from the mid-$600,000’s to over $1 million, with condo fees ranging from $500 to $1,000 per month.”
Rentals in the Penn Quarter are fairly expensive as well, though. According to Lerner, most of the Penn Quarter one-bedroom apartments she found on Craigslist fell between $1,900-$3200, while two-bedroom units rent were going for between $3,500 all the way up to $8,100 for a penthouse.
“It seems to make more sense to buy (if you have the money saved for a big down payment) instead of renting because the rental rates are notably high for the DC area and are on par with what you would pay in mortgage payments.” Lerner wrote. “Also, the central location of the Penn Quarter will likely enhance the re-sale value of the home five or ten years down the road.”
Penn Quarter is a terrific neighborhood with spectacular condominiums. It is definitely a DC neighborhood where real estate investments should grow.
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